New York, United States, Oct. 04, 2023 (GLOBE NEWSWIRE) -- A force sensor is a device for estimating the amount of force exerted on an object. Finding the amount of fluctuation in the resistance values of force sensing resistors determines the applied force. “The automotive segment is the most significant contributor to the global force sensor market and is estimated to grow at a CAGR of 8.7%,” states Research Manager, at Straits Research P. Ltd.
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Rising Trends
Industry 4.0 enhances production and industrial automation across multiple industry verticals in the modern day. Robotic operations, including deburring, grinding, polishing, and sanding, are enabled using force and torque detecting devices. In addition, force sensors aid in various packaging, inspection, and mechanical gathering applications. These are essential variables influencing the growth of the market for force sensors.
Growing Opportunities
Driverless cars are based on data collected and calculated by various sensors, including speed, accelerometers, position, force, and proximity sensors. This information is continuously gathered and analyzed by a centralized control system, which regulates the vehicle's motion, eliminating the need for a driver. Google and Tesla have made significant investments in the research and development of these vehicles, which are currently in the testing phase. These companies' substantial efforts in R&D and manufacturing are expected to raise the market for force sensors.
Regional Analysis
Asia-Pacific is the most significant revenue contributor and is estimated to grow at a CAGR of 6.5% during the forecast period. The region is analyzed across China, Japan, India, South Korea, and the rest of Asia-Pacific. China and Japan, both technologically advanced countries, have a high demand for force sensors. India and other developing countries are anticipated to dominate the industry.
The North American force sensor market is projected to reach USD 815 million by 2030, growing at a CAGR of 3.3% during the forecast period. As a result of technical breakthroughs, high per capita wealth, and the early adoption of automation, North America is the second-largest region. Europe is predicted to have a high growth rate in the force sensors market during the forecast period due to the region's demand for aerospace and military. Technological advances across the region propel the growth of the market.
Key Highlights
- The global force sensor market size was worth USD 2,445 million in 2021. It is projected to reach USD 3,890 million by 2030, registering a CAGR of 5.3% during the forecast period (2022-2030).
- Based on operation, the global force sensor market is segmented into analog and digital. The analog segment is the highest contributor to the global force sensor market and is estimated to grow at a CAGR of 4% during the forecast period.
- Based on force type, the global force sensor market is divided into compression and tension, compression, and tension. Compression segment is the highest contributor to the market and is estimated to grow at a CAGR of 4.1% during the forecast period.
- Based on end-user, the global force sensor market is segregated into automotive, locomotive, manufacturing, mining, aerospace and defense, construction, healthcare, and others. The automotive segment is the most significant contributor to the global force sensor market and is estimated to grow at a CAGR of 8.7% during the forecast period.
- Asia-Pacific is the most significant revenue contributor and is estimated to grow at a CAGR of 6.5% during the forecast period.
Competitive Players
The global force sensor market’s major key players are TE Connectivity Ltd., Honeywell International Inc., ATI Industrial Automation, Inc., Tekscan, Inc., Sensata Technologies, Inc., Siemens AG, Vishay Precision Group, ABB Ltd, FUTEK Advanced Sensor Technology, Inc., Hottinger Baldwin Messtechnik (HBM) GmbH.
Market News
- In June 2022, Global consulting firm Frost & Sullivan recognized ABB's subsea power conversion and distribution system with a Best Practices Award ABB's subsea technology is acknowledged as a unique solution. ABB's subsea system supplies reliable energy, which helps oil and gas operators lower power consumption and decrease carbon emissions.
- In March 2022, ABB technology to automate NatureWorks' new bioplastics plant in Thailand, helping meet the increasing global demand for sustainable materials. The new site is set to produce 75,000 tons of Ingeo™ PLA biopolymer per year – an integrated process from fermentation to polymerization that enhances supply chain reliability. ABB technology will help improve the energy and production efficiency of bioplastic manufacturing, which is expected to grow over 260 percent by 2026
Global Force Sensor Market: Segmentation
By Operation
- Analog
- Digital
By Force Type
- Compression and Tension
- Compression
- Tension
By Technology
- Strain Gauge
- Load Cell
- Force-Sensitive Resistors (FSRs)
- Others
By End-User
- Automotive
- Locomotive
- Manufacturing
- Mining
- Aerospace and Defense
- Construction
- Healthcare
- Others
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
About Straits Research Pvt. Ltd.
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